4 Ways For Retaining Top Talent In Finance

When It Comes To Retaining Top Talent, Financial Employers Need To Do More

Economists are predicting a steady economic upswing in late 2014. According to a recent article in USA Today, wages are increasing and joblessness is deceasing — a winning combination for employees in today’s talent market.

Top finance leaders will be higher in demand than ever — empowered with the ability to pick and choose the best opportunities. In the month of June 2014, the Financial Sectors industry added roughly 17,000 jobs, more than any previous month of 2014. From enterprise organizations to small startups, employers will need to fight even harder to attract and retain top talent.

The challenge is one that outpaces money. Counter-offers alone won’t get your finance leaders to stay — they’re passionate about advancing their careers over the long turn. A healthy salary — to finance professionals — is almost guaranteed.

1. A Great Work Environment

A finance professional spends a minimum of 8 to 10 hours a day at the office. If your office environment is stuffy, cutthroat, uncomfortable, or unpleasant, nobody will want to be there — and they’ll quit.

Companies and work with culture designers to create high-performing, comfortable, and exciting environments. Consider providing healthy snacks and standing desks so team members can prioritize their health. Host team building events with ping pong tables, office lunches, happy hours, and other after-hours events. This camaraderie will translate directly into your output.

2. Flex Time

In today’s career landscape, the concept of work/life balance is obsolete — people are looking for ways to blend their professional and family lives and experience the best of both worlds.

Mandatory, 8-hour days at work are counterintuitive to this goal. Top leaders want to be present within organizations for mandatory brainstorming and collaboration time, but they also want time to unwind, enjoy the sunshine, and hang-out with family.

Work-from-home options are a must — empower team members with the trust and flexibility to set their own schedules.

3. Structured and Directed Career Advancement

A trait that talented leaders share in common is a relentless desire to improve and advance — and yet, discussions of promotions and internal opportunities are kept hush-hush.

Talented team members pursue greener pastures because they want new challenges — that’s because it’s easier to find a new job than navigate an internal promotion.

It’s important for executive leaders to build systems that help team members advance. Highlight stories from other high performers, and make the path to leadership more clear.

4. Educational Opportunities

Driven employees want to build out their skillsets — and become more marketable. The more support your company is able to provide, the more compelled your team will feel to stick around.

These educational programs may be tuition reimbursement programs, mentorship arrangements, or even regular lunch and learns. No matter the systems you choose, it is important to take a vested interest in helping your team members learn on the job.

Final Thoughts

Give team members ownership over their careers — the ability to design roles that inspire them and make them passionate. These type of roles are magnets for top leaders, making it very difficult to just walk away — these rare opportunities take years to fully nurture and cultivate to their fullest potential.

Finance leaders — it’s your turn to weigh in. What have been the qualities of the best jobs that you’ve held? What opportunities have compelled you to stick round and why? Share your thoughts in the comments section below.

Planning On Hiring?

Parker + Lynch is happy to offer our insight, support and talented staff you need to achieve your goals. Request your free copy of our “Should outsourcing be in your hiring plans?” white paper to read up on additional strategies for building a workforce in the new economy.

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Parker + Lynch is a national leader in executive recruitment and consulting. We specialize in aligning talented executives in fields such as accounting, finance, legal, legal technology and more with premier companies.